In a recent strategy session, popular crypto trader Altcoin Sherpa shared updates on two leading cryptocurrencies, Ethereum competitor Fantom (FTM) and Bitcoin (BTC). Altcoin Sherpa expressed optimism about FTM, noting that the price is consolidating around key levels and interacting with the 200-day exponential moving average. He believes that FTM is gearing up for some healthy price action and expects a chop range to form between $0.50 and $0.70 as a base, especially with the project’s pivot to Sonic. FTM is currently trading at $0.564, showing a 2.5% gain in the last 24 hours.
However, Altcoin Sherpa raised concerns about Bitcoin’s lack of follow up after a recent crash earlier this month. He mentioned that the lack of momentum in BTC is a point of concern and advised traders to consider lowering their exposure to the cryptocurrency. Two key indicators, including a nasty candle on the 4-hour chart and resistance at the 25 EMA, suggest that BTC may not have continued momentum. Bitcoin is currently trading at $60,915, showing only a fractional increase over the last day.
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Overall, Altcoin Sherpa’s positive outlook on Fantom (FTM) demonstrates his confidence in the project’s potential for healthy price action moving forward. With FTM trading at $0.564 and showing a slight gain in the last 24 hours, it seems to be on track for positive developments. On the other hand, Bitcoin’s stagnant performance and lack of follow up post-crash raise concerns for Altcoin Sherpa, prompting him to advise traders to lower their exposure to BTC. By keeping a close eye on these developments and staying informed through reliable sources, traders can navigate the volatile crypto market more effectively. Subscribe for email alerts and follow on social media to stay updated on the latest insights and analysis from Altcoin Sherpa.
